Federal Government Denies Reports of Fuel Price Increase Directive

The Federal Government has publicly refuted claims suggesting that the Ministry of Petroleum Resources instructed the Nigerian National Petroleum Company Limited (NNPCL) to increase fuel prices beyond the approved pump price.

These assertions, which alleged that the Minister for Petroleum Resources, Heineken Lokpobiri, directed the NNPCL to raise prices by N1,000, have been categorically dismissed as unfounded.

A statement released by Nnemaka Okafor, the Special Adviser on Media and Communication to Lokpobiri, emphasized that these reports were fabricated to create confusion within the oil sector.

The statement reiterated, “The Federal Government does not and will not interfere in the pricing decisions of NNPCL. Claims suggesting otherwise are erroneous and misunderstanding of the deregulated nature of Nigeria’s petroleum industry.”

Furthermore, it challenged anyone with evidence supporting these claims to come forward, deeming the reports as malicious and aimed at inciting public unrest.

This denial comes at a time when the NNPCL has reportedly raised the price of Premium Motor Spirit (PMS) from previous rates of N568-N617 per litre to between N855-N897 per litre as of September 3, 2024.

The new prices, which vary by location, reflect an internal communication from the company reiterating the updated price list to be displayed across its filling stations.

Despite this increase, the NNPCL has not issued an official statement confirming the price hike.

Additionally, while one NNPC station in Lagos is selling fuel at N855, another in Ibadan displays a price of N865 per litre, indicating a substantial impact on consumer costs.

This increase comes in light of the company’s acknowledgment of serious financial challenges and significant debts to fuel suppliers, which they claim may threaten consistent fuel supply nationwide.